Bad news from China to the world economy

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Both the manufacturing and services sectors contracted in December, according to the Purchasing Managers Index (PMI) data prepared by China’s National Bureau of Statistics.

Manufacturing sector PMI decreased to 47.0 points in December from 48.0 points in November due to the pressure of COVID cases on production lines. Economists had expected the manufacturing PMI to remain at 48.0.

The service sector PMI also decreased from 46.7 points in November to 41.6 points in December due to the increase in COVID cases.

Composite PMI fell to 42.6 in December from 47.1 in November.

Forex

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